Synchrony Bank: 2022 Bank Review


Synchrony Bank is an FDIC-insured online bank that offers very competitive rates on its deposit accounts. And because it has no physical locations, it passes its savings on to its more than 72 million customers.

Synchrony Bank mobile phone

James Martin/CNET

Synchrony Bank is best suited for customers looking for high-yield savings account options that may not be available at their current bank. In addition to high-yield savings accounts, Synchrony Bank offers, but does not offer, money market accounts and various types of certificates of deposit checking bills.

What do we like?

  • Competitive APYs on Deposit Accounts
  • Extended customer service hours via phone and live chat
  • Wide variety of CD accounts

What we don’t like

  • No cash deposits accepted
  • No checking account
  • No physical branches

Savings account review

Synchrony Bank offers a competitive return on its high-yield savings account without charging fees for monthly maintenance, minimum balances, or a minimum deposit to open an account. The savings accounts come with optional ATM cards so you can access your money at your convenience. Plus, you can discount off-network ATMs up to $5 per month. Synchrony Bank supports mobile check deposits, ACH transfers, direct deposits and bank transfers from third-party banks.

Note: Annual Yield Rates (APYs) shown are as of October 26, 2022. Bankrate’s editors update this information regularly, usually biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate only includes FDIC banks or NCUA credit unions in its listings.

Savings Account Features



Minimum balance


Monthly costs


What do we like?

  • The highest APY offered applies to all balance levels
  • No minimum deposit required to open an account
  • No monthly maintenance costs

What we don’t like

  • No cash deposits accepted
  • Low limit for out-of-network monthly ATM discounts

CD Account Review

Synchrony Bank offers 13 types of certificates of deposit, including traditional CDs with maturities from six months to five years, an 11-month no-penalty CD, and a 24-month top-up CD. There is no minimum balance required to open both types of CDs. Synchrony also offers a IRA CD which allows qualified income investors to save pre-tax dollars intended to be used in retirement after age 59½.

CD Account Features

6 months CD APY


1-year CD APY


3-year CD APY


5-year CD APY


CD APY without penalty


Bump up CD APY


Minimum balance


Early Admission Fee

Simple rate from 90 to 365 days at the current rate

What do we like?

  • Competitive Rates on all CD Account Terms
  • Wide variety of CD account types
  • No minimum deposit required to open an account

What we don’t like

  • Early withdrawal fees may be higher than other banks for longer-term CD accounts

Banking experience

Although Synchrony Bank has no physical branches, its customers can manage their accounts online or through its mobile app, which has good ratings in the App Store and Google Play Store. It does not offer a wide variety of products, but the deposit accounts consistently have market leading rates. Synchrony is a no-nonsense bank with solid banking products. Customer service offers extended hours via live chat and free telephone assistance. An automated support line is available 24/7.

Overdraft Fees

Synchrony Bank does not charge overdraft fees.

Customer service

Customer service is available through: live chat, Twitter and a toll-free phone number: 866-226-5638. Customer Service is open daily at 8:00 AM ET and offers extended hours – weekdays until 10 PM ET and weekends until 5 PM ET.

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